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Fall of the House of FSBO

By
Real Estate Agent with ERA Joyner Realty 331464

Fall of the House of FSBO

For Sale By Owner's (FSBO) Decline

Homes sold without the help of a real estate professional dropped to a record low over the past year. According to the 2010 National Association of REALTORS® Profile of Home Buyers and Sellers, unrepresented sellers made up only 11 percent of the market, down from 13 percent in 2009.

Owners who sell their home without the help of an agent usually sell to someone they already know. Factoring out those private sales, the actual number of homes sold on the open market without professional assistance was a record low 5 percent, compared to 10 percent in 2004.

REALTOR® Value...

The current market's complexities underscore the value that Realtors® bring to their clients. Many home sellers underestimate the time commitment, sales process and negotiating skills it takes to sell their home for best price and terms. Unless a person is familiar with the process of selling real estate, negotiating contracts, dealing with counter offers, inspections, contingencies etc. it can be a very arduous and frustrating time.

There are many beneficial reasons why you should use a Realtor to sell your home but here are the top 3.

1. More exposure and marketing: Placing a "for sale" sign in front of your property and putting an ad in the local newspaper will not likely get your home sold. Realtors have an array of avenues for which they can go to bring maximum exposure to your property.

2. Higher probability of finding qualified buyers: Let's face it, finding qualified buyers these days is a tough job, even for t he most experienced Realtor. But experienced Realtors know the value of qualifying those buyers prior to showing them any homes on the market. They know the questions to ask potential buyers in order to weed the ones out who are "just looking" as well as where to direct those who are serious but need a hand to hold while going through the process of getting pre-qualified.

3. Setting a price: One of the most important services a Realtor® can help a home seller with is setting a listing price for the home. There is more to the process then just picking a number out of the air and hoping it is the right one. Setting the price too high will scare off potential buyers and too low, well you may just miss out on potential profits. A formal CMA (comparative market analysis) will be done using comps in the area of similar sold properties, and working together with the home seller to come up with a realistic asking price while meeting their needs and expectations.

Selling a home is no easy task to say the least, but it can be a less stressing experience for the home seller. Let's look at it this way, if you needed legal or medical advice would you rely on your own knowledge to get you through the situation or would you consult a professional to get the best possible outcome?

You would consult a professional, so why would you take the risk of selling your home yourself without the aid of an experienced REALTOR®?

Posted by

If you are interested in BUYING or SELLING a home in Lowndes County or the surrounding area and want a professional consultation on current market conditions, please contact me at 229.834.0946  or e-mail me at janice.macmillan@mchsi.com or visit my website at  http://lowndescountyhomes.com

 

 

Janice MacMillan, Associate Broker

Comments (5)

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Janice, good points.  I'm not too surprised by the low number of successful FSBO transactions considering the overall number of sales has also dropped.  And that is even the more reason to get professional help in selling! 

Dec 16, 2010 08:45 AM
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

I've never understood why anyone would want to try and sell their own home and take on the legal responsibility and exposure that comes with a real estate transaction.

Dec 16, 2010 08:51 AM
June Tassillo
Owner/Broker RE/MAX Elite Realty - Franklin, NC
Let me help you with the next phase of your life!

Janice ~ Good list on reasons to use a professional.  Not surprised that FSBO is declining.  I bet its even tougher for them now to sell all by themselves. 

Dec 16, 2010 08:57 AM
Mike McCann Nebraska Land Broker
Mike McCann - Broker, Mach1 Realty Farm & Commercial Land Broker-Auctioneer Serving Nebraska - Kearney, NE
Farm & Commercial Property For Sale 308-627-3700

I suppose it is market specific but I do not see as many either although I know of at least 2 in my area over the last 6 months that did sell out of about 25 sales so a little higher percentage than what NAR says but not overly significant I guess.

Dec 16, 2010 09:07 AM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Selling a house on your own is difficult at best...you clearly spell out why using a Realtor is a good choice.

We spent 4 years in the early 90s being stationed at Moody AFB...love our time there.  Now we are happily settled 2 hours north of you.  Would love to work with you on military relocation referrals.

 

Jan 02, 2011 02:23 AM